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Joint Economic Committee Democrats

Issue Briefs

Oct 14 2021

Wealth Disparities Threaten the Economic Security and Opportunities of Hispanic Americans and Their Families

As the country observes Hispanic Heritage Month, it is important to celebrate the strength and resilience of Hispanic Americans while also recognizing the barriers to economic security that still stand in the way of a more equitable economy. The persistent wealth gap between white and Hispanic families, even more so than the gaps in income and employment, serves as a barrier to opportunity, obstructing a wide range of positive economic outcomes. The 61 million Hispanics in the United States, nearly 19 percent of the total population, hold disproportionately less wealth than their white peers: The median wealth, or net worth, of white families is five times higher than the median net worth of Hispanic families, and the wealth gap between white and Hispanic families is even more pronounced (six times as large) when average net worth is considered.

Oct 07 2021

Health Insurance Tax Subsidies in the Build Back Better Act Will Provide Affordable Health Insurance for Millions of Americans

The House’s Build Back Better Act (BBB Act) will expand low-to-middle income families’ access to medical care by extending increased tax credits from the American Rescue Plan (ARP) that make health insurance sold on federal and state marketplaces more affordable. These increased tax subsidies from the ARP have already lowered families’ monthly premiums and out-of-pocket costs, and have helped total enrollment on marketplace plans reach a record high as of August 2021. If Congress makes these subsidies permanent through the BBB Act instead of letting them expire at the end of 2022, researchers estimate that 4.2 million more people will be insured compared to before the ARP was passed. This increase would help millions of families access health care, have more stable household finances and would put more money in their pockets to spend on other necessities.

Oct 05 2021

Universal Paid Family and Medical Leave Will Generate Economy-Wide Benefits and Spur Economic Growth

The Build Back Better legislation being considered by the House would provide 12 weeks of universal paid family and medical leave for all U.S. workers, a crucial policy to improve the economic security of families, support small businesses and increase economic growth. The need to take leave is inevitable over the course of a lifetime, whether to care for a new family member, as in the birth or adoption of a child, or to handle a personal health crisis, and yet the United States is the only OECD country that does not require paid leave for new mothers and is one of only two OECD countries that does not require paid medical leave.

Sep 27 2021

Breaching the Debt Ceiling Could Harm Millions of Americans and Produce Economic Devastation

The U.S. economy is again facing the grave threat of a breach of the debt limit. Past debt-limit brinkmanship crises inflicted substantial uncertainty on businesses, drove huge declines in the stock market and consumer confidence and led to higher borrowing costs for taxpayers and consumers. Debt-limit brinksmanship resulted in the first-ever downgrade of the U.S. credit rating and cost the country billions of dollars in lost economic activity, even though a default was ultimately avoided.

Sep 23 2021

Strong Care Infrastructure Is Critical to Increasing Labor Force Participation and Driving Future Economic Growth

Strong labor force participation is a key input to economic growth, but the labor force participation rate in the United States among both men and women has fallen in recent decades. While women’s labor force participation had increased dramatically over the course of the second half of the 20th century as gender norms changed, women pursued more education and wage stagnation necessitated two incomes to support household income, it stalled and even declined after 2000. A critical cause of this decline is the lack of structural support for women’s full economic participation.